FIS Technical – Capesize

FIS Technical – Capesize

The Index is now in a corrective phase within a bull trend. The RSI remains in bull territory whilst the stochastic although overbought is correcting. Price action that holds above USD 31,689 remains in bull territory.

The October futures are now neutral to bullish as the pullback in the futures is considered as technically deep. However, with the stochastic oversold and the RSI still in bull territory the near-term technical picture would suggest we have the potential for a momentum slowdown. Downside moves that close below USD 24,658 would break fractal support creating a lower low in the market whilst price above USD 28,655 would confirm a strengthening technical. Price action on the intraday above USD 27,500 would create a fresh market high indicating the intraday picture is firming.

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Near-term zinc price action is bullish for the rolling 3-month contract as it has broken fractal resistance. However, the RSI 50.87 is more neutral than bullish indicating there remains the potential for a momentum pullback. https://t.co/1eggIroybP